Tuesday 24 October 2017

Scrapyard settles €785,000 tax bill


A REVENUE COMMISSIONERS audit turned up an underpayment of more than €600,000 in VAT by a County Wexford firm.

Molloy Metals Recycling at Ballycarney was one of six Wexford companies or individuals featured on a 'name and shame' list issued by tax authorities last week. Molloy's was penalized to the tune of €174,000 and ordered to pay the VAT shortfall, giving a total bill of €785,000.

Also on the list was retired restaurant owner and property landlord Francis Morrissey of Pearse Road who was found to have a bogus non-resident account for tax evasion purposes. The Revenue also discovered under-declaration of income tax, VAT and capital gains tax. They claimed €179,000 was owed and slapped on €404,000 in penalties, demanding a total of €583,000.

The commissioners were not sending bouquets either to Andrew Jory, proprietor of Molly's Florists in Island Road. They cried foul on a single premium insurance policy, while also finding under declaration of VAT and income tax – underpayment €199,000; fines €294,000; total bill €493,000.

The taxman came knocking too at the door of Kenneth Dodd from Moonahaw at Ballypreacus in Bunclody where they reckoned that the roofing specialist has short changed them to the tune of just under €44,000. They slapped on penalties of €22,000 for under declaration of Income tax, capital gains tax and VAT, leaving him to find total of €66,000.

The list included Michael O'Connor of 56 Moran Park in Enniscorthy, described as a 'tobacco products retailer'. Investigating officials found that he shortchanged the authorities to the tune of almost €20,000 in income tax. So they fined him €26,000 and handed him a demand for €46,000.

Company director James Dempsey of Tearmann, Tara Hill, near Gorey, also came under scrutiny by the tax authorities, who discovered under payment of income tax and a single premium insurance policy.

They claimed €11,500 in back tax which, with €23,500 in penalties, produced a €35,000 bill.

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